Star Bulk and Oceanbulk to Merge

Oaktree to Own About 61% of Star Bulk's Shares

Star Bulk Carriers Corp. said Monday it will merge with Oceanbulk Shipping, owned by Oaktree Capital Management L.P. and the family of Star Bulk's nonexecutive chairman Petros Pappas, creating the largest U.S.-listed dry-bulk company.

Starbulk will issue 54.1 million shares of stock, currently valued at about $653 million, to Oaktree and the Pappas family, and in turn Oceanbulk Shipping LLC and Oceanbulk Carriers LLC will become indirect wholly-owned units of Star Bulk. Oaktree will own about 61% of Star Bulk's shares...